OakNorth has partnered with money transfer technology company Wise to enable its UK business customers to make international payments.

Through the partnership OakNorth said its customers, who are scaling businesses with annual turnover of £1 million to £100 million, will be able to make international payments at the mid-market exchange rate in more than 20 currencies, including Euros, US dollars, British pounds, Indian rupees, Hong Kong dollars and Chinese yuan.

Using the Wise Platform, OakNoth account holders will be able to make payments almost instantly, with 77 per cent of payments being made in under 20 seconds.

The digital bank said new feature gives SMEs a faster, transparent and seamless way to pay suppliers and partners around the world.

Peter King, director of business banking at OakNorth, said: “Our customers are ambitious businesses with increasingly global needs, and they need banking services that can keep up with the pace of their growth. Whether they’re paying suppliers overseas, entering new markets or working with international partners, knowing what their payments will cost and when their money will arrive are non-negotiable.

“By integrating Wise Platform, we can give our customers a better and more transparent way to move money internationally, helping them spend less time managing cross-border payments and more time focused on growing their businesses.”

The partnership comes as UK SMEs move significant and growing volumes of money across borders. Research commissioned by Wise and independently conducted by consulting firm Edgar, Dunn & Company found that UK SMEs are projected to send over £615.5 billion overseas in 2027. SME overseas payments are also forecasted to grow 22 per cent between 2026 and 2029.

Yet as UK SMEs send more money overseas, Wise said they also stand to lose more to the hidden expenses of traditional international payments. These hidden fees are estimated to drain UK SMEs of £7.5 billion in 2027.

Other financial institutions around the world use the Wise Platform for their international payments including Monzo, UniCredit, N26, Morgan Stanley and Standard Chartered.

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